The product was co-designed by buy-to-let broker, Mortgages for Business, and is being distributed by the broker as well as appointed representatives of PMS, Sesame, Legal & General, Mortgage Intelligence and Pink.
It is available for purchases and remortgages on either interest only or repayment terms and is aimed at less experienced landlords with no more than five buy-to-let properties.
“We are always keen to meet the needs of the market and believe that offering this product on a semi-exclusive basis will help us to monitor the response under controlled conditions,” said Nick Allen, product marketing manager at Platform. “Investors looking to remortgage have the added incentive of free legals.”
Steve Olejnik, head of sales at Mortgages for Business, added: “Direct feedback from our clients with small property portfolios suggests that some landlords are becoming increasingly concerned about potential interest rate rises over the next couple of years. As a consequence, many are keen to lock in to a competitive, longer term fixed rate. We raised these concerns with Nick who proposed that we work together to design a product to address these issues”.
The product carries an arrangement fee of 2% plus a booking fee of £140.
Other buy to let products available from Platform include two and three-year trackers from BBR+2.49% and a 2-year fixed rate at 5.19%.